Route 195 Commission to take title of former highway land Wednesday

Wednesday

Apr 24, 2013 at 9:06 AM

PROVIDENCE, R.I. -- The Route 195 Redevelopment District Commission will take ownership of 27 acres of former highway land on Wednesday, with the sale of $38.4 million in bonds and the transfer of the deed for the land from the Department of Transpor

Kate Bramson Journal Staff Writer journalkate

PROVIDENCE, R.I. -- The Route 195 Redevelopment District Commission will take ownership of 27 acres of former highway land on Wednesday, with the sale of $38.4 million in bonds and the transfer of the deed for the land from the Department of Transportation to the commission.

The land transfer now grants the commission the authority to begin selling 17 individual parcels, on 19 acres, that are available for development after the state's highway-relocation project that began in 2000. The commission will also take title on Wednesday of three additional parcels, totaling 8 acres, that have been designated for park land.

"The transfer of these lands represents the first significant milestone of realizing the full potential of this once-in-a-generation opportunity for Rhode Island and the City of Providence," Commission Chairman Colin P. Kane said.

State leaders are hoping the sale of the former 195 land will help jump-start Rhode Island's ailing economy. They have high hopes of selling the land and, with its development, of creating high-paying jobs in the life-sciences and education fields.